1. Field of the Invention
The present invention generally relates to online and/or mobile payments and more particularly to a contingent payment system.
2. Related Art
More and more consumers are purchasing items and services over electronic networks such as, for example, the Internet. Consumers routinely purchase products and services from merchants and individuals alike. The transactions may take place directly between a conventional or on-line merchant or retailer and the consumer, and payment is typically made by entering credit card or other financial information. Transactions may also take place with the aid of an on-line or mobile payment service provider such as, for example, PayPal, Inc. of San Jose, Calif. Such payment service providers can make transactions easier and safer for the parties involved. Purchasing with the assistance of a payment service provider from the convenience of virtually anywhere using a mobile device is one main reason why online and mobile purchases are growing very quickly.
Conventionally, payers making purchases using online payment systems have been required to search for the product they wish to purchase and, upon finding that product at a price are willing to pay, complete the purchase of the product at that price immediately. However, some payers may only wish to make certain purchases based upon a number of factors that may or may not occur in the future. For example, a payer may want to purchase a product, but the payer may not be willing to purchase that product at the price that product is currently being offered, may not wish to purchase that product for a certain amount of time, may only want to purchase that product in response to a particular outcome of an event occurring, combinations thereof, and/or a variety of other contingencies know in the art. Traditionally, such payers must personally monitor the factors that figure into their decision for making a purchase in order to attempt to complete the purchase according to their desires. Making purchases in such a manner can be so time-consuming for the payer that, in many situations, the desired purchase may simply not be possible, resulting in dissatisfied payers and lost sales for merchants.
Thus, there is a need for an improved online payment system that provides for contingent payments.